UBS ordered to hand over account information to French

Published July 05, 2016

Switzerland's tax administration has ordered UBS bank to hand over to French authorities information on a number of accounts linked to residents of France.

The bank said Tuesday that it considered that "the legal grounds for this request are ambiguous at best," in part because it "lacked the required specificity."

UBS said it will seek to have a Swiss administrative court examine the request made by the French based on information collected in recent years.

The bank said the request centers on "a number" of UBS account numbers linked to current and former clients with residency in France, based on data from 2006 and 2008.

France and Germany have been among countries seeking to crack down on people who parked money in Switzerland to avoid taxes at home.

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